In this recent article, new research from Exari found out that a majority of general counsels are still reliant on expensive and inefficient manual contract management processes, costing in-house legal departments vital insights into contract risks.

The article continues to highlight the astonishing figures around the process of contract management, bringing attention the concerns of high levels of risk and inefficient methods of storing and managing contracts data.

The survey carried out found:

47% cited paper-based filing as their main mode of contract storage.

75% use ‘cut and paste’ style templates in Microsoft Word to draw up contracts, leading to inefficiencies in the drafting stages.

59% reported slow approval processes for their contracts.

27% cited missing key contract milestones as an ongoing point of difficulty.

Contract management systems are enabling businesses to have the confidence that their contracts data and supply chain are being controlled and managed in the most efficient and effective way possible, to return value back into the business by saving both time and money. Contract management systems can offer simple logistical benefits, such as automated reminders for deadlines and expiry data, eliminating mistakes made by missing key contract milestones.

Using technology like contract management systems within your business can conduct high volumes of reporting and analysis on complex contract data. It is important to have clear visibility on all your contract data as it helps businesses and especially their procurement and purchasing departments to identify common points of push-backs and compromises in the negotiation process. A contract management system that can provide you with a complete understanding of your contracts data and supply chain will help procurement and purchasing departments anticipate post-award risks and develop strategies for possible future situations in contract delivery.

Businesses embracing contract management systems will find that clumsy and costly mistakes will no longer appear as a common problem. Improving mass contract storage on a central, online contract management system will allow a more sufficient overview of contract profiles as well as enable a more comprehensive approval process, by using notification and escalation functionality to help streamline the entire contract management process.